Did Binance crash the market? - No, historical data analysis gives you the answer The post about selling goods on Binance went viral today, with many people saying that "Binance's crash led to a market crash in January and February" and "CZ is saying they want to hold while hitting the leeks". Is this statement valid? I sat down and carefully analyzed the original blogger's judgment logic. It's not really about Fud for Fud's sake, because through data comparison, it shows that Binance's own vault switched to a large amount of stablecoins in January and February. The calculation logic of Binance Vault here is: Binance provides its own asset audit report, and some of the assets have a holding percentage of over 100%, so the excess part is held by Binance's own vault. And coincidentally, the market fell, and the blogger believed it was a crash of Binance. Interested friends can take a look at the asset situation of each audit in history. https://www. (binance.com)/en/proof-of-reserves Of course, I don't think his calculation can be said to be very accurate because Binance is not a listed company and its self owned assets are not 100% publicly disclosed (some of which are not reflected in the audit report), but there is no major logical flaw. But how to understand this data requires finding more information to combine and refer to@ Bitfish1 provided an idea and attached a historical change table of Binance Vault, which saved a lot of trouble. I will use this data table for some interpretation. ~~~~~~~~~~~~~~~~~ Starting from December 2022@ There have been two previous large-scale sales of the main assets held by Binancezh: One time was in June 2023, when a large amount of BTC, ETH, BNB SOL were sold, and stablecoins were significantly reduced, most likely to make up for the penalty paid to the United States for redeeming @ cz_cinance. The total amount was around 4.92 billion US dollars, which roughly corresponds to the quantity. Another time was in February 2024, when a large amount of BTC, ETH, BNB were sold but a small amount of SOL was increased. Including the decrease in stablecoins, the total amount was $1.1 billion. In February of this year, a large amount of the aforementioned assets were sold, totaling an astonishing $8 billion. However, we can also see that during the aforementioned sales, Binance mostly increased its holdings of these token assets every month. Taking December 2024 as an example, BTC alone increased its holdings by $1.67 billion, which is not less than what MSTR bought. From this perspective, if you simply think that @ cz-binance has been hitting the market recently, should you also think that CZ and Binance have been pulling the market for a longer period of time in the past? Shenyu put forward a viewpoint that Binance's two significant asset reductions in January and February may be to meet the needs of accounting profit provision. Most exchanges and funds in Western countries (United States/European Union) choose December January for financial settlement (such as tax reporting and profit recognition). Perhaps this is why Binance has chosen to significantly sell its cryptocurrency before February for two consecutive years. Because from the historical data of 23 and 24 years, the number of continuous repurchases by Binance is not small, and it has generated significant profits. If it is for making money through T, it is not very reasonable from a technical perspective because it does not coincide with the market high point. From the total market value of the cryptocurrency market (as shown in the figure below), we can see the time points of Binance's first two sales, and after gradually buying, the total market value increased several times. Binance's own treasury is also making a lot of money. Moreover, there was almost no movement in the Binance sales market in the first two times, indicating that it is highly likely to be sold through OTC rather than market selling, which is also more reasonable. So, based on the long-standing rumors that Binance is negotiating with potential buyers for the sale of equity, I personally prefer to believe this viewpoint - Binance's asset sales from January to February were for accounting purposes, in order to advance the equity negotiation process. From another perspective: If Binance sells assets so significantly and BTC remains so strong, then when Binance gradually starts buying back assets as usual from February, will the market be on the rise? I sell it once a year, but I have to buy it 11 times. We will know if my guess is accurate when Binance releases the audit report for March in 20 days, so please be calm for now. Welcome everyone to make bricks. @heyibinance @cz_binance @sisibinance